Is it the end of Polkadot's rally? After four days of gains, it is down by 0.73% today

Polkadot recovering almost all the way back to $5.35 today, after dipping down to $5.24.

Polkadot made an initial break below its 3 day Simple Moving Average at $5.08, a possible indication of a forthcoming negative trend. Polkadot formed a session range of $5.24 to $5.35 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $5.24. Polkadot's upper Bollinger Band® is at $5.51 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 12 cents away from $5.19. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Polkadot.

In the meantime, negative performances are also seen in other markets, EOS is down to $0.755, losing $0.031, after closing at $0.786 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Ripple moves up 3.1% to trade around $0.488.

Having soared to a high of $9.52 approximately 10 months ago, Polkadot is now trading 43.82% lower. Polkadot is currently trading with a market cap of 6.38 billion with an average daily volume of 138.70 million.